Any carpet-baggers out there?

surfsister

Sparkly wrote:

I've had a Yorkshire BS savings account with passbook - platinum Key share when opened, i think it's Access Saver now, since 1996 with approx £1200 in. Should I keep it in the hope of a windfall, or transfer (probably to YBS internet saver) and close, or keep it open with a lower (how much) amount?

Thanks

keep £100 in it find something with good interest for the rest!

ma6jrp

Looks like Portman BS account holders are going to get £400. So probably worth keeping the £100 in the accounts. I have Nationwide, and I get nothing.

I did get Bradford and Bingley years ago. Missed out on A&L for being 7 weeks too young. Missed out on Woolwich for being a second joint holder. Closed my Halifax account before they floated. Missed out on Standard Life because my pension was shares only! I haven't been the most lucky with windfalls.

toepazz

Received this morning "Proposed Merger - Portman Members' Questions and Answers" leaflet

"The Portman Board is recommending a merger with Nationwide, which was announced very recently and is expected to become effective by the end of September 2007. On completion of the merger, Portman members will have access to a more extensive range of attractively priced products and services through a greatly expanded branch network. Qualifying members will also receive a merger bonus of at least £200 (pre-tax)

......... Bonus payments to qualifying saving members will be based on the lower of account balances at the close of business on 11 September 2006 and a future date which will be specified in the merger booklet. A minimum savings balance as at the close of business on 11 September 2006 of £100 will be one of the requirements, as will continuous shareholding membership between the two dates.

....... The Charitable Assignment clause only applies to a bonus payable in the event of Portman converting to a bank or being purchased by a plc. In the case of the proposed merger between Portman and Nationwide, members of Portman will remain members of a mutual building society by becoming part of Nationwide and, therefore, the Charitable Assignment does not apply"

:T Glad I kept my £100 tucked away now

marksward

Whilst having an account of some sort with Nationwide for 20yrs (yes I do use other BS/banks) gets me nothing except a 'wider range of products' yadda yadda.

Though they say thier members have recieved over 4billion in benefits over the last 10yrs - not a lot for a decade is it?

steady__eddie

The good news

Included in this "wider range of products" is an instant access account paying 0.85%

The bad news

That's gross, and you'll need £250 to open an account and if the balance drops below £250, so does the interest rate, to 0.1% (that's also gross by the way, in more ways than one).

I'll bet you can't wait.

Omo-oba

I have read a lot about Portman saving members and the windfall they may be entitled to but I believe borrowing members will also be entitled to a windfall. I am a borrowing member of Portman BS and I am just in the process of remortgaging to Abbey. My present mortgage balance is about £140000 at a rate of 5.5% with about 22 years left leaving me with a monthly payment of about £910. If I continue with the move to Abbey my rate will be 4.62% with a monthly payment of about £860. That means moving will save about £600 over the next 12 months. I am aware that the merger is not a foregone conclusion and that it will take another 12 months before it happens, if it does. I am also aware that the minimum windfall is likely to be £200.00.
Now I am undecided if I should wait and collect a windfall which may be only £200 (but hopefully more, although I don't know how much more it could be) or just get on with my move to Abbey and be certain of paying £600 less in mortgage payments. I can't recall having had any cash windfall before so have no idea how much it could be. Could it realistically be more than £600 which would make it worthwhile staying with Portman for now? I will be grateful for advice from more experienced people. Incidentally, I discussed this with my financial advicer involved in the proposed move to Abbey, but not surprisingly, he was non-committal.

Chadsman

If you will save £600 switching mortgage to :eek: Abbey :eek: that is far more than any merger windfall. You could ask Portman what deals they can offer you but dont let the windfall tail wag the mortgage dog.
:beer:

MiserlyMartin

Well my position on this one is slightly different, because this is a merger between two mutuals. But the way Nationwide have been ripping off the savers lately with poor rates, they are acting a bit like a plc. My support for mutual benefits is slipping.

catnatlady

ManAtHome wrote:

Dead right - since they invented the 'no cash for new members' stuff, most of them have been arrogant beyond belief. PLCs have to answer to shareholders (not us lot, people like pension funds), Mutuals seem to answer to nobody apart from the often overpaid directors/mangers/ whatevers..

Mutuals are answerable to their members, ie. you and me! Everybody who has any money invested in a Building Society or other mutual is entitled to vote and have a say in the running of the institution. This includes Credit Unions, where any profit is returned to savers via a dividend.

Sor

I don't suppose cash isas make you eligible for a windfall on the merger? Have one with portman. *shrug*